Facebook (FB) Stock Climbing After Higher Price Target

Facebook (FB) stock is higher after the company had its price target increased at Evercore.

NEW YORK (TheStreet) -- Shares of Facebook Inc (FB) were climbing, up 0.6% to $82.93 in mid-morning trading Thursday, after analysts at Evercore ISI boosted their price objective on shares of the social media giant earlier today.

The firm raised its price target to $105 from $95 to reflect the social network's instant articles initiative.

Evercore believes the revenue impact from the initiative could be more than a billion dollars over several years.

The firm maintained its "buy" rating on Facebook.

Menlo Park, Calif.-based Facebook is a social networking website company, with its applications enabling customers to stay connected with their friends and family.

Insight from TheStreet's Research Team:

Facebook is a core holding of Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:

Facebook ( FB:Nasdaq; $79.19; 1,300 shares; 3.97%; Sector: Technology): We believe Facebook is in the early stages of monetizing its base of 1.4 billion users, with strong franchises in Instagram, Messenger, & WhatsApp helping to enhance its ecosystem.

Third-party data suggests continued strong engagement as Facebook's share of mobile Internet time, excluding Instagram and WhatsApp, was 24% in April, and its share of total U.S. Internet time, including desktop, was 19%. Our target is $90.